makes it controversial is that to keep the banks from collapsing, depositors in Cypriot banks will be charged with a one-off tax of 9.9 percent if you have over 100,000 euros in your account or 6.5 percent if you have less than that.

The levy is being called a "tax" but many Cypriot depositors are likely to see it as a stunning confiscation or a haircut.

There are fears that the impact of the deal will go beyond Cyprus, and disrupt stability in other peripheral countries, as folks wonder whether this really is a one-off.

Beyond that, this generally disrupts the flow of things since late last summer, when ECB generosity had been the tool to ease the Eurozone crisis.